Life insurance is a way to provide financial support for your family and loved ones if you die unexpectedly. A good life insurance provider offers the best options based on your need and budget. Our partners at ConsumerAffairs researched the best life insurance companies in Bakersfield to provide financial security for your family.
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If you’re the primary provider for your family, life insurance lets your family remain financially stable in the event of your death. Life insurance benefits are generally income tax-free for the beneficiary. After the insured passes away, life insurance is used for many purposes, including reinvestment for income, inheritance, education costs, funeral expenses and paying outstanding debts.
Most insurance policies in Bakersfield fall into the category of term-life or whole-life insurance.
Covers fixed amount of time, generally between 1 to 30 years
Covers entire life from time policy is purchased
Pays only if death occurs during term of insurance
Does not expire and provides a guaranteed return on investment
Provides death benefit and has no cash value
Has a cash value that some policies allow you to borrow money against
Lower-cost option for life insurance
More expensive than term-life insurance
Other types of life insurance available in Bakersfield include universal life insurance, which is a variation of whole life insurance that includes a death benefit and cash value component and tends to be less expensive than traditional whole-life policies. Many providers also offer burial insurance, a form of insurance intended to cover funeral expenses that usually does not require a medical exam.
The cost of life insurance in Bakersfield
The price of your life insurance premiums in Bakersfield will depend on the amount of the death benefit, the type of policy and other factors that include:
Your medical history
Nicotine and alcohol use
Hazardous occupations or hobbies
Finding a reliable life insurance provider in Bakersfield
Because of the importance of life insurance in saving your family from financial hardship, it’s important to make sure the provider you work with is reliable and can pay the death benefit when it’s needed. Check the financial stability of any company with independent credit rating agencies such as A.M. Best. Providers such as MetLife, Prudential Financial, State Farm and New York Life Insurance have a long history of stability.
Policygenius is an online life insurance broker that provides comparison tools and advice to help you choose a policy. The company’s representatives will also help with the application paperwork for whichever provider you select. Bakersfield customers are happy with the easy application process, helpful customer service and low rates.
EverQuote is a free online insurance comparison service. Customers fill out a brief form on EverQuote’s website to receive quotes from several life insurance providers via phone or email. Many Bakersfield residents express satisfaction with the service, but some object to excessive calls from insurance providers after submitting the online form.
Paul Sheldon, Jr. Insurance & Benefits Planning
Paul Sheldon Jr. is a local insurance broker who offers insurance from several providers. United American Insurance honored the firm as the year’s top-producing agent in 2016. Clients in Bakersfield give the agency high ratings for personal service and knowledgeable employees.
Farmers Insurance: Gary Been
Gary Been is a Farmers Insurance agent who has served Bakersfield and Kern County for 26 years. Clients can visit his office downtown, and he is available by appointment on Saturdays. Reviews from Bakersfield customers comment on the friendly service and experienced staff.
Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.
Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.